问题如下：
Which of the following notes about the DoGood Fund is correct?
选项：
A. Only Note 2
B. Only Note 3
C. Both Note 2 and Note 3
解释：
B is correct because the fund becomes a free-rider if it allows other shareholders to engage in actions that benefit the fund, and therefore Note 3 is correct. In theory, some investors could benefit from the shareholder engagement of others under the so-called "free rider problem." Specifically, assume that a portfolio manager using an active strategy actively engages with a company to improve its operations and was successful in increasing the company’s stock price. The manager’s actions in this case improved the value of his portfolio and also benefitted other investors that own the same stock in their portfolios. Those investors that did not participate in shareholder engagement benefit from improved performance but without the costs necessary for engagement.
Note 2 is incorrect because a conflict of interest arises on the part of the DoGood Fund if it owns shares of a company that invests in the fund. Conflicts of interest can result for a company. For example, a portfolio manager could engage with a company that also happens to be an investor in the manager’s portfolio. In such a situation, a portfolio manager may be unduly influenced to support the company’s management so as not to jeopardize the company’s investment mandate with the portfolio manager.
抱歉请问可以帮助我理解一下note 3吗？ Note3是说：Dogood不参与shareholder activism，因此，Dogood可能会有free-rider的现象。 free-rider是指有的股东主动参与经营时，其他不出力，但是可以坐享其成。 可是，如果没有activism，free-rider也就不存在了呀，为什么会有free- rider存在？谢谢！